Pakistan : Forex constraints: ECC puts sugar import plan on ice
ISLAMABAD: The ECC has delayed the sugar import plan due to forex issues, despite earlier approvals to import 500,000 tons. The move aimed to curb price hikes and tackle shortages. Minister Rana Tanveer blamed sugar millers for arbitrary price increases. A steering committee will now review the proposal before final Cabinet approval amid regional tensions and economic constraints.
ISLAMABAD: The Economic Coordination Committee (ECC) has reportedly put sugar import plan on ice due to forex constraints.
On Monday last Sugar Advisory Board, chaired by Minister for National Food Security Rana Tanveer Hussain, approved the import of 500,000 tons of sugar.
Deputy Prime Minister and Foreign Minister Ishaq Dar, who is overseeing the sugar crisis, has already given the go-ahead for the import of 0.5 million tons. However, the final landed cost of the sugar remains uncertain due to regional tensions, particularly the ongoing conflict between Iran and Israel.
“Importing sugar was an unavoidable decision to stabilize prices, as the country is currently facing a supply shortage,” an official quoted Minister Rana Tanveer Hussain as saying. The imported sugar is expected to enter the domestic market soon to provide relief to consumers. The statement further noted that arbitrary price hikes by sugar mill owners have been identified as a major contributing factor to the current crisis.
“Immediate steps are being taken to address the shortage. A decision has been made to implement strict monitoring to regulate sugar supply and pricing,” the minister added.
Insiders allege that the sugar industry has made billions of rupees through a cycle of exporting sugar at high prices, only to later push for imports—leaving consumers to bear the brunt of the manipulation.
On Friday, the issue of sugar import of 0.5 million tons on a summary of Ministry of National Food Security. However, the ECC constituted a steering committee to go through the proposal in detail, and submit its recommendations.
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Source : Business Recorder
